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2018 (10) TMI 979 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process (CIRP) - Resolution Professional as well as the CoC did not receive any Resolution Plan worth to be considered - order was challenged by one of the unsuccessful resolution application - Held that:- The appeal is pending for consideration by Hon'ble NCLAT. On 4.5.2018 NCLAT passed an order stating - “post appeal for consideration on 18.05.2018”. “During pendency of appeal liquidator / adjudicating authority may proceed with the liquidation proceeding but will not sale immovable or movable property of the corporate debtor nor confirm any sale, if already made, without prior permission of the Appellate Tribunal.” It further appears that meantime the promoter/director filed application for arrangement under sections 230-232 of the Companies Act, 2013 and that application was pending for consideration. On 12.07.2018 the Hon'ble Appellate Tribunal passed order that, “Until further orders, meetings of Secured/Unsecured Creditors and Shareholders shall remain stayed. Pendency of the appeal will not come in the way of Tribunal to decide question of maintainability of the petition under sections 230-232 of the Companies Act, 2013”. Now this application is filed by the promoter/director with a prayer to direct RP/Liquidator not to proceed with any sale proceeding till outcome of the meeting of the shareholders. Since Hon'ble NCLAT stayed the meetings of the Shareholders/Creditors (Secured and Unsecured), this application now become infructuous and stands disposed of.
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